Novatek has acquired three gas fields in the YaNAD for 7bn RUB

Novatek subsidiaries, Novatek-Yurkharovneftegaz и Arctic LNG, have won the auctions for Verkhnetiuteyskoye, West Seyakhino and Shtormovoye fields in Yamal, as informed by the media office of the Russian Ministry of Natural Resources.

“Novatek-Yurkharovneftegaz has won the auction for Verkhnetiuteyskoye and West Seyakhino fields one step ahead 6bn 424m 958 k 678 RUB 60 kopecks worth. Arctic LNG has won the auction for Shtormovoye field one step ahead as of 1bn 39m 688 k 632 RUB 40 kopecks,” — as informed by the release.

The auctions were announced on 30 June, with applications to be submitted before 4 August. Two of Novatek subsidiaries, Arctic LNG 2 and Novatek-Yurkharovneftegaz bid on the fields.

According to the auction terms, the procedure accepted only the bidders owing the gas production license on Yamal and Gydan. Novatek is the only company meeting these demands actually. Igor Artemyev, Director of Federal Antimonopoly Service, has said that the agency would check the legacy of auction terms and conditions, however no checks were announced later.

According to the Ministry of Natural Resources, Shtormovoye field’s С1+С3 reserves are estimated at 479.4 bcm of gas and 39 m t of condensate. West Seyakhino and Verkhnetiuteyskoye fields’ С1+С2+С3 reserves account for 882.4 bcm of gas and 68 m t of condensate and crude. A signature bonus for Verkhnetiuteyskoye and West Seyakhino totals 5.84bn RUB, for Shtormovoye — 945.17m RUB.